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Real Estate Briefing 12.Aug 2011

Posted on 12 August 2011 by Laxman |  Email |Print

James J. Saccacio U.S. foreclosure filings dropped 35 percent last month to the lowest level in almost four years as lenders and state and federal agencies increased efforts to keep delinquent borrowers in their homes, RealtyTrac Inc. said.
A total of 212,764 properties received default, auction or repossession notices, the fewest in 44 months, the Irvine, California-based data seller said today. Filings fell on a year- over-year basis for the 10th straight month, and were down 4 percent from June. One in 611 households got a notice……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Shaun DonovanWith the real estate market continuing to drag down the economy, federal officials are seeking ideas from investors and others about ways to rent some of the nearly 250,000 foreclosed homes owned by government-controlled entities such as Fannie Mae.
The decision to solicit public comment came as the pace of foreclosures nationwide declined again last month, according to RealtyTrac Inc. in Irvine. The 4% drop in foreclosure filings from June, and 35% from a year earlier, was the 10th straight monthly decline……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

America’s real estate market could be on an “unsustainable path,” faced with an oversupply of homes inaccessible to either renters or buyers. That’s what three Morgan Stanley analysts argue in a recent paper that outlines steps that can be taken to fix the sputtering housing market.
Mortgage credit remains tight, making home buying difficult. At the same time rents are rising quickly, pricing folks out of the market just as tens of thousands of borrowers are losing their homes to foreclosure every month……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Amidst the budget deficit debate and the seemingly endless crisis affecting the Eurozone, US commercial real estate quietly delivered a positive return of 4.3% in Q2 2011, according to the IPD US Quarterly Property Index.
Capital values increased by 2.8%, an improvement over the 2.2% growth experienced in the first quarter. To date, the US property market has recovered 13.6% of the 33.6% of value lost during the downturn……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The fallout from Standard & Poor’s downgrade of Uncle Sam’s credit could be a boon or a bust for the commercial real estate market, depending on how events unfold as the market enters uncharted waters.
A lower credit rating usually raises interest rates to reward investors for taking on more risk, but just the opposite happened early this week. Amid global uncertainty and Europe’s credit crisis, Treasuries were the prettiest girl at an ugly dance……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Just when it seemed mortgage rates weren’t going to get any lower, they started testing new lows.
In the tumultuous days following Standard & Poor’s debt downgrades, rates on 30-year fixed mortgages fell to 4.32%, down from 4.39% last week and closed in on a record low of 4.17% set last November, according to Freddie Mac’s Primary Mortgage Market Survey……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

I know Goldman is aching to get you on board, but you’ll have plenty of time to make money when you’re in your 50s. Now that you’ve committed to another year, let’s talk for a minute about one of the most important problems you face: how to fix the housing market.
I’m glad to see that the Treasury has recognized two key facts about the housing market. For starters, the economic recovery won’t take off until housing has hit bottom and begun to rebound. And as far as what Washington has done to try to fix the market up to now, none of it’s working……………………………………..Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The National Association of Real Estate Brokers (NAREB) just made an important game-changing announcement at its recent national convention in New Orleans.
NAREB announced a historic engagement with Wall Street investors to launch a $800 million Homeowner’s Assurance Program (HAP) to address the devastating effects of the housing mortgage crisis for Black America and other minority families and communities across the United States. The state of Black American housing is in crisis more disproportionately than any other group in America……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Retail property investment activity is increasingly following Europe’s stronger and faster growing economies such as the Nordics, Germany, Poland, and Russia, according to the latest data from leading global real estate adviser CB Richard Ellis (CBRE).
Retail property investment in Europe reached €20.1 billion in the first half of 2011, accounting for 37% of commercial real estate investment, well above the long-term average of 28%……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Property investors should not overestimate the impact of riots targeting high streets and shopping malls in several key UK cities, or allow them to affect decisions on committing money for developments, a lobby group said.
Late-night riots over the past week, mainly in London, Manchester, Liverpool, and Birmingham, have seen shops torched and shopping centres broken into……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Office demand rose by 8% in Central London in the last month with a 13% record increase in the City which saw requirements hit 7.6 million sq ft (706,000 m2), according to the latest research from CB Richard Ellis.
In the West End, demand remained steady at 4.8 million sq ft……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Knight Frank advises cautious optimism for 2011/12 following the results of its Hotel Operator Sentiment Survey 2011. London is the top performing hotel market in Europe having benefited from a weak pound and a relatively restricted supply of hotel bedrooms which has made the operational environment for existing hotels more favourable.
There is a good supply of high end bed stock available in the pipeline with the focus being on the West End and City. Trinity Square looks set to become the “dormitory quarter” of the square mile with several recent new openings and further hotels planned……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The newest economic crisis in Europe affecting British proprietors in the west and southwest coast of Turkey, as they sell their properties for low prices or put them on the market. Russians are the initian buyers.
The southern aegean coast of Turkey, the so-called turkish riviera is home to numerous beautiful bays, coves and inlets, was quite an attraction for british tourists and those who wanted to invest in a beatiful house overlooking the azure waters of Aegean Sea where it meets with Mediterranean. Bodrum, Marmaris, Antalya and Alanya were centers of interest for british tourists……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Are you in favor of affordable housing? If you are, you may want to consider this. If you want to build “socially correct” apartments on your own property, the land’s value could fall by 28% or more, found a study by the Tel Aviv-Jaffa municipality.
The developer will also likely face impediments in the form of objections by neighbors and others, not to mention possible damages claims………………………………………..Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The global financial meltdown triggered by the collapse of the Lehman Brothers in September 2008 had forced most small time real estate developers in the UAE out of business while it left the larger players struggling to come to terms with the new reality.
However, one developer stood out from the rest by consistently delivering projects on a regular interval - Damac Properties……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The global financial markets turmoil since Standard and Poor’s downgraded US sovereign rating last week may have a medium-term impact on India’s real estate sector, putting a freeze on fresh office rentals and property purchases as well as on foreign capital.
India’s property sector is already battling its own issues—a liquidity squeeze with banks restricting lending, slowing sales, high property prices and soaring debt……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Rising lending rates has cast its shadow on the otherwise booming real estate market of Punjab, Haryana and Chandigarh, with prices of residential property falling by up to 15% in the last couple of months.
With potential home buyers postponing their decision of entering the real estate market in the wake of high lending costs, it is the private financers who are suffering a lot as their large investments are getting blocked in the absence of buyers……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Much like in Bangalore, the primary catalyst for Pune’s residential real estate market is the Information Technology and Information Technology-Enabled Services sectors. The central parts of the city have more or less used up their development potential, and it is now in Pune’s secondary and suburban markets where the highest growth potential for residential property lies.
The demand for homes does not come from the IT sector alone……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The China Banking Regulatory Commission (CBRC) said it would keep a cautious eye on residential property markets in lower-tier cities and the commercial property sector, the first time the regulator expressed its concerns about the commercial property boom that’s taking place across China.
“We will continue to monitor and keep a cautious attitude towards the commercial property sector,” CBRC chairman Liu Mingkang said during the commission’s half-year general meeting on July 27……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

The Hong Kong government sold a plot of land at a price far lower than estimates, with local developers describing the transaction as the clearest sign yet of a correction building in the world’s most expensive residential property market.
The 2.3-hectare site in the luxury Kau To Shan residential area only attracted one bidder offering the minimum price of HK$5.5 billion (Dh2.6 billion) on Tuesday, compared with surveyors’ pre-sale assessments ranging between HK$7.25 billion and HK$9.25 billion, according to a Bloomberg survey……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

Somehow, deep down, we - especially those of us who have been keeping a close watch on the private housing market - know that an external crisis or crises, like the ones ravaging global stock markets now, were going to happen way ahead of the “perfect storm” some had forecast for 2013/2014 for the property sector here.
I am talking about the repercussions arising from the strong possibility of the United States economy slipping back into recession and from the euro zone’s inability to contain its sovereign debt problems……………………………………….Full Article: Source

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Posted on 12 August 2011 by Laxman |  Email |Print

In the face of property market stagnation around world, BuyAssociation reports that the Australian property market is still showing substantial growth. While this growth is particularly centred on urban areas, the country as a whole appears to be seeing sustained growth.
This advance is driven by a number of factors which have instilled confidence in the future growth and value of property in Australia, including the favourable financial position banks in which they sit and lower house prices. (Press Release)

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